Suntory Holdings Limited -- Moody's looks at Suntory's possible acquisition of GSK's beverage brands

Tokyo, September 06, 2013 -- Moody Japan K.K. says the funding structure of the possible acquisition by Suntory Holdings Limited's (Suntory) soft beverage subsidiary, Suntory Beverage & Food Limited (SBF), of GlaxoSmithKline plc's (GSK) Lucozade and Ribena beverage brands will be a key factor in determining the transaction's rating implications. Moody's expects Suntory could keep its A3 rating and stable outlook even if the transaction were funded with debt, and could be credit positive if it were funded with a balance of debt and equity. If the acquisition is consummated, it is Moody's expectation that Suntory will assume all of Lucozade's and Ribena's existing debt, if any.

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